Debt is swapping possibilities in the future for some small reward today. In many cases, rather than shoring up our life with yet another small homage to materialism, we might have asked what we were missing in our lives that compelled us to do this.
I’m referring to discretionary debt– that purchase that had no necessity about it whatsoever, that we made almost unthinkingly, out of boredom, for lack of presenting ourselves with anything better to do with our freedom. Buying as a form of self-expression; and we worked hard all week so we deserved it, didn’t we?
But now, in addition to cost of the item, we have interest charges that could represent payments for years if we keep a running balance on a pile of stuff from which we derive rapidly decreasing satisfaction. You know the drill. So just a small reminder: Resist the impulse. Don’t hobble your possibilities for the future with an unnecessary purchase today.
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I was enlightened by an article written by James Quinn for http://www.Minyanville.com. The title was “Baby Boomers Led Us Into Fiscal, Moral Bankruptcy”. A real eye opener as to our downward spiral over the last 30 years. I shared this article with a poetic friend of mine David Kent whom has this to say about the content of the article:
Cast aside the idle rumors
Our downfall stems from Baby Boomers
Shallow,greedy,and corrupt
Their selfish end will be abrupt
Want to keep up with the Jones?
Just max the card and get more loans!
Monthly payments can’t be met?
Go borrow more-create more debt
Spoiled children college fees?
A student loan from U.S.C.
Pushing paper is the key
There’s less for you and more for me
Avoid the guilt, don’t get involved
When you’re depressed, just hit the mall
Spending is the panacea
For monetary diarrhea
A sub-prime loan and new Mercedes
Toboggan ride straight down to Hades
Don’t fret about financial cancer
A Starbucks latte is the answer
Soccer moms and C.E.O.’s
Will add hope to this sordid prose
The S.U.V.’s and added fees
Are somehow comforting to me
Let’s help the lawyers and the bankers
We trust them as financial anchors
Print more money- max inflation
And please move forward with elation
700 billion dollars?
Where did it go? They heard us holler
Faster than a Titan rocket
Straight into their waiting pockets
God bless you all- says Mr. Bush
While calmly sitting on his tush
The sheep are shorn
My welcome worn
But please don’t look so darn forlorn
By keeping your composure
While your house is in foreclosure
You can now appreciate
My feeble efforts were too late
So look forward to the coming years
While crying in your empty beers
This is now an invocation
To the new “Obamanation”